First Republic’s efforts to woo rich clients may be bank’s undoing
The bank attracted wealthy clients with loans that have become a costly hurdle to finding a rescuer.
In America’s richest enclaves, word spread quickly: A bank was offering loans on sweet terms.
Wealthy homebuyers and property investors with high incomes and sterling credit scores could get a mortgage from First Republic Bank with a rock-bottom rate for several years. Better yet, they didn’t
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